550 Seventh Ave.
NEW YORK CITY—WeWork has signed a deal with the Adler Group to lease 52,477 square feet at 550 Seventh Ave. The co-working, flexible office provider will be taking five floors (eight, nine 14, 21 and 22) in the 24-story, art deco building that's between W. 39th and W. 40th streets in the Garment District.
Beginning in summer 2019, the location will be used for the headquarters by WeWork program that serves medium-sized business clients. Since its inception in August 2018, the program has expanded to over 40 locations across the US and Canada. In Midtown Manhattan, WeWork has more than 20 locations.
Arash Gohari, WeWork's co-head of real estate for the US, Canada and Israel, led the team which secured the location. The Kaufman Organization's Michael Heaner, Elliot Warren and Sam Stein represented both the tenant WeWork and property owner the Adler Group.
“WeWork's innovative approach in the workplace, coupled with their diverse global network and community, will allow us to better cater to companies from a range of sectors including but not limited to fashion, technology, media and creative services,” says Kristin Fisher, president of the Adler Group. “We have invested significantly in renovating the lobby, storefront, building facade and installing new windows.” She adds the property owners are also planning a tenant amenity space.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
